electric vehicles market

According to a new study conducted by Navigant Research, the global sales of plug-in electric vehicles grew by more than 70% between 2017 and 2018.

Some of the study findings include:

  • A total of 1.9 million plug-in electric vehicles were sold in 2018
  • The market is likely to witness a strong growth in 2019.
  • By 2030, annual PEV sales are estimated to be between 15% and 32% of the global light duty vehicle market
  • The global PEV population is expected to be between 107 million and 190 million by 2030
  • North America recorded a doubled its sales for plug-in vehicles in 2018
  • Sales in Europe and China increased 39% and 77%, respectively

Factors driving the market include

  1. Multiple deployments of long-range battery EVs
  2. Tesla reaching its full-scale production on the model 3 as well as expansion of shipments to markets outside the US.
  3. Continued efforts by governments, automakers, and energy providers reduce emissions in transportation through electrification
  4. Technological development

Scott Shepard, senior research analyst with Navigant Research. “This long-term growth is expected to be propelled by improving vehicle technology economics—a function of battery innovations, government transportation energy policies, oil price projections, and movements to price carbon.”

For more information about the report, visit Market Data: EV Market Forecasts.